Soaring oil price to impact on Asian economies

10:57, April 19, 2011      

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The ongoing surge in the price of crude oil in the world market, which has already breached the 100 U.S. dollars per barrel threshold, will have a big impact on the economies in the Asia Pacific region.

In its annual Development Outlook for 2011, the Manila-based Asian Development Bank said that should food and oil prices rise 30 percent in 2011 and not decline in 2012, economies of developing Asia--China, Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand--would together see a 0.7 percentage point reduction in their economic growth.

According to the ADB, the worst affected economies would be Singapore, the Philippines and Taiwan, which would each see a 1.0 percentage point fall in their respective growth.

But the ADB said that this would just be a "mild hit" in a region where growth is still expected to hit 7.8 percent this year.

The ADB also said that it would be oil, and not food, that could trigger higher inflation rate in the region.

The continued economic boom in China and India had pushed up the additional demand for crude oil, which rose to 113 U.S. dollars per barrel in mid-April.

There are now fears that the oil price could rise to as much as 200 U.S. dollars per barrel if the political turmoil in the oil- exporting Arab countries could not be contained.
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